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Chevron signed a 20-year deal with Microsoft to provide natural gas-fired power for a proposed data center in West Texas.
Chevron is entering the power industry and creating a new business for the company through its deal to power a Microsoft data center.
AbbVie has agreed to acquire Apigee Therapeutics for $10.9 billion in an all-cash deal to bolster its portfolio of anti-inflammatory drugs.
AbbVie's combined revenue from its drugs Skyrizi and Rinvoq is projected to approach well over $50 billion.
Building materials producer CRH is acquiring its rival Arcosa in the largest acquisition in CRH's history.
Following its acquisition of Arcosa, CRH will become the largest aggregates producer in the United States with an annual output of approximately 265 million tons.
The Chevron-Microsoft data center power project is designed to be "100% behind the meter," meaning it will not connect to the local utility grid.
The proposed Microsoft data center is being built in the Permian Basin to utilize the region's cheap and abundant natural gas, which is a byproduct of oil production.
The Chevron-Microsoft data center power project will operate entirely 'behind the meter' and will not be connected to the local utility grid, thus having no impact on local ratepayers.
A trend is emerging for data centers to be powered by natural gas, driven by the increasing scale of energy demand from AI and computing.
Chevron's leadership believes that entering the power generation business will diversify its revenue streams, making them less cyclical compared to the traditional oil and gas market.
The acquisition of Apigee Therapeutics provides AbbVie with a new drug that gives it access to the eczema, or atopic dermatitis, market.